Remittances from Brazil with Bitcoin and Save Huge!

Step-by-step guide for remittances from Brazil

Bitcoin, the engine for remittances

Making a remittance from and to Brazil is not as easy as compared to many other countries. It is a very cumbersome process, often surrounded by a lot of red tape, incompetent and uninterested banks, high fees and very unattractive exchange rates.

This guide will detail step-by-step on how to set up your own Bitcoin bank, transfer the funds you have in your bank to anywhere in the world in about an hour and at a very low-cost.

What is Bitcoin

Bitcoins are a digital token or commodity accepted by groups or people in exchange for services. Bitcoin is the world’s first decentralized means of wealth transfer and as such, incorruptible. The prolific implications of this new technology are astounding.

Bitcoin is still an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to work with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.

Q. What is Bitcoin?

A. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.

Bitcoin offers many advantages over traditional and other electronic currencies. Nobody owns or controls the Bitcoin economy. Utilising an ingenious decentralized structure, Bitcoin relies on cryptography and mathematics to make sure security and reliability. It is secure, reliable and eliminates almost all overhead seen in traditional banking.

Why?

Bitcoins are sent easily through the Internet, without needing to trust any third-party.

The supply of Bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any government, bank, organization or individual. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) to miners who help secure the network.

Is it legal?

This is a very good question, and to be honest I don’t know. I am neither a lawyer nor a judge, so I won’t give you any legal advise here. I would welcome any insight from Brazilian lawyers on this subject.

The only intention of this guide is to show you a method on how somebody could make a remittance at very low costs and almost instantaneously. The only thing I am 100% sure of is that Bitcoin is an extreme disruptive technology, which has the potential to fundamentally change the current worldwide corrupt financial system. There will be no place for the MoneyGrams and WesternUnions of this world.

More information

One of the best sources to start with is with the Bitcoin Wiki. A wealth of information in many languages can be found at this wiki. If you would like to dive a bit deeper have a look at this Bitcoin forum.

Have great fun with the Step-by-step guide for remittances from Brazil

Step by step guide

Step 1) Open an account at one of the larger Bitcoin exchanges: Mt.Gox or Intersango;

Step 2) Open an account at MercadoBitcoin, or buy your Bitcoins at a cash exchanger at localbitcoins; The following steps only refer to MercadoBitcoin and Mt Gox

Step 3) Verify your Mt.Gox account and MercadoBitcoin account by scanning and sending a photo ID and utility bill. This may take a business day or two, but will not have to be repeated for future transactions;

Step 4) Deposit your Brazilian Reais on the bank account of MercadoBitcoin. Detailed instructions will be sent to you;

Step 5) Once the funds are added to your MercadoBitcoin account, buy Bitcoins by clicking “comprar” and entering your order. You will be charged 0.65%;

Step 6) Using the withdrawal (Retirado) page on MercadoBitcoin, send the Bitcoins you bought to your Bitcoin address on Mt Gox (this will take about an hour to complete, as the Bitcoin network verifies the transaction;

Step 7) Sell your Bitcoins on MtGox for US$, Swiss Francs,Yen or Euro. You will be charged between 0.4 and 0.6%;

Of course there are many varieties on the above guide. I really hope this information has value to you. If you believe it has something new to you, something which you haven’t heard from before and will bring you a bit more freedom, I will appreciate if you make a small donation to keep this voluntary blog up and running.

[warning]

Bitcoins do hold a value. Keep them safe. Holding huge amounts on your Bitcoin wallet is just not smart. Loosing your PC or iPhone with your wallet means most likely you have lost your Bitcoins as well. Secure your wallet and your PC.

Walking in Brazil with large amounts of cash is extremely risky. Even the Central Bank is not immune to bank robbery. Just don’t do it. Use electronic bank transfers instead. If you work with localbitcoins make sure you build a trusted relationship with your seller of Bitcoins.

Don’t spend more on exchanges as you can afford to lose. Think about your kids, your husband or man.

[/warning]

Legal disclaimer

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The legal information provided on MasterclassBrazil is, at best, of a general nature and cannot substitute for the advice of a licensed professional, i.e., by a competent authority with specialised knowledge who can apply it to the particular circumstances of your case. Please contact a local bar association, law society or similar association of jurists in your legal jurisdiction to obtain a referral to a competent legal professional if you do not have other means of contacting an attorney-at-law, lawyer, civil law notary, barrister or solicitor.

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Richard Meijer

What I am doing: Besides running a privately hold real estate business I am blogging om MasterclassBrazil.com. MasterClass Brazil was set up to provide a one-stop source of deep-knowledge for the growing foreign business community in Brazil.

Why: Having been in Brazil for around 20 years, I have seen many big companies, expats and individuals failing miserably. I have burned myself once in Brazil, setting up ProgressOil, a company focused on the supply of Brazilian castor oil. I am now running a privately hold real estate business in Brazil.

From all these experiences I have learned a lot. Despite the fact that I speak the language reasonable well, have a strong network and understand the do's and don'ts better, I am absolutely not saying I am an expert or specialist. Everyday I am learning new things and I believe Brazil is changing in such a rapid pace that the only way to survive in Brazil is to generously absorb and understand the information available to you.

From my experience I have learned that there is a lot of information, facts and data about Brazil. I have set up MasterClassBrazil to structure this information so you can turn it in true knowledge, enabling you to be successful in your endeavors.

There is nothing in the world so rewarding as sharing expertise and knowledge.